The agreement enables the transfer of the club to the 'Save Our Shakers Trust', a fans group originally set up to raise money to see Bury through to the end of last season.

Matt Dunham, of the club's joint administrators RSM Robson Rhodes, said: "This represents a potential way forward for clubs to deal with current cashflow crises, the failure of ITV Digital and the general financial uncertainty that many face.

Without the hard work of the supporters and their fund-raising
efforts it is probable that the club
would by now be closed

Joint administrator Matt Dunham

"By selling the club to the supporters it enables it to become an integral part of the community and allows supporters to direct the future of the club.

"This solution could well provide the basis for other clubs to deal with the difficulties they are currently facing.

"However, without the hard work of the supporters and their fund-raising
efforts the sale could not have been achieved and it is probable that the club
would by now be closed.

"It is a tremendous result."

The fans group will now control all of the day-to-day running of Bury as they
prepare for life in Division Three.